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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 671.930.0%Nov 14 4:00 PM EST
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To: StockOperator who wrote (14436)5/23/1999 12:07:00 PM
From: StockOperator  Read Replies (2) of 99985
 
With prices, across the board, sitting at very critical positions the market's inability to rally plus the fact that prices are actually continuing to break down, are reasons enough to keep me on the sidelines. IMO, we are about to see a resolution to the patterns that have developed lately. With prices breaking down one might say that these patterns are going to break negatively. Personally, I think it is too early to say. This current weakness could very well be a shakeout prior to a continuation to the upside. The reason I say this is the VIX actually broke down this week. Then again it is NEVER a good idea to trade on what you think MIGHT happen. Instead, adhering to the trend is the only way I know to insure your survivability in the markets. And right now those trends are pointing down.

So because I am not sure how these patterns will ultimately play out. I will be sitting on the sidelines until I get more confirmation of either a potential shakeout or perhaps a more serious decline in prices. Either way I believe we are going to find out soon enough and being a little late to the party (in either direction) should prevent me from being whipsawed out of any position taken now.

Regards,

SO
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